In the last couple weeks, we’ve seen record lows for many areas throughout the United States, including the Southeast.

Lower temperatures are straining power companies that are struggling to meet consumer demand. Many Southern farmers are seeing their crops put in danger. Stressed and chilled consumers are finding themselves at the doctors to treat an array of coughs, sniffles and fevers.

What is the Big Freeze going to cost you?

From health concerns to heating your house to eating, how will this cold weather affect your finances?

1) Additional Medical Costs

Studies have shown that colds and flus are seasonal. During colder weather, you’re more likely to get a cold or flu than during warmer weather (possibly because you are more likely to be cramped up inside with others!).

Getting sick can lead to spending additional money on over-the-counter remedies, prescription drugs and doctor visits. Make sure to take care of yourself, keep warm and consider boosting your intake of Vitamin C to avoid getting sick during this cold weather.

2) Higher Power Consumption

The formula for estimating your energy usage is: Wattage x Hours Used per Day x Number of Days / 1,000 = Daily Kilowatt-hour (kWh) consumption; then multiple your consumption by your kWh rate.

If you’re using any of these devices, you’re looking at a higher energy bill:

• Electric Blanket (60 – 100 Watts)
• Furnace Fans (750 Watts)
• Portable Heater (750 – 1500 Watts)

As you can see, running a portable heater can use just as much energy as running your furnace fan. If you don’t have central heating, you might consider limiting the number of rooms that you’re running a portable heater in. Consider throwing on an extra blanket rather than using an electric one. Try running your heat at a lower level, so instead of walking around with shorts and a t-shirt, you’re wearing a sweater and pants. The less energy you use, the less your bill will be at the end of the month.

3) Higher Fruit and Vegetable Costs

You won’t see it right away, but in the next few months, you could see your vegetable and fruit costs start to rise. When crops get damaged during a frost, farmers have less to bring to the market. Less products and greater demand, means that grocery prices are going to rise. Although citrus and strawberry crops are faring well during the frost, many Florida farmers are reporting damage to tomato, green bean and corn crops.

You might want to consider stocking up on canned goods and frozen produce that will be affected by this January freeze.

4) Upgrading the Wardrobe

Additionally, you might find yourself spending more on clothing this month to replace worn winter clothing. The good news is that January is a typical sales month for winter retail, so you should be able to find some good deals on winter clothes.

Relax, Though

Despite all of these unexpected expenses, RELAX. You have your emergency fund for precisely these reasons, right?

If not, let this be another reminder of why you need to stash away money for a rainy day… or in this case a freeeeezing day!